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**Trump Signs GENIUS Act, Launching First Federal Crypto Regulation**
In a landmark move, President Donald Trump has signed the GENIUS Act into law, marking the first major federal regulation in the United States. This groundbreaking legislation sets a clear framework for regulating stablecoins across all issuing entities.
The new law requires that all stablecoins be fully backed by U.S. dollars or equivalent assets, as well as undergo annual audits for issuers with a market capitalization of over $50 billion. Additionally, foreign issuers operating within the U.S. must also comply with these standards and meet new eligibility criteria.
Industry executives in attendance at the signing ceremony emphasized the significance of this legislation, stating that it would set the foundation for further crypto-related bills advancing through Congress. The GENIUS Act’s passage follows Trump’s earlier repeal of a crypto tax rule involving custodial brokers, further solidifying his administration’s stance on digital asset regulation.
Trump, while signing the act, referenced prior enforcement confusion and lack of regulatory clarity in his speech, highlighting the importance of this legislation in providing stability and transparency to the U.S. financial sector.
The GENIUS Act has sparked a new era for federal oversight of stablecoins, placing pressure on large-scale issuers like Tether (USDT) to maintain operational transparency and ensure verifiable liquidity reserves.
In conclusion, Trump’s signing of the GENIUS Act marks a crucial step forward in shaping the U.S. regulatory landscape around digital assets.
Source: coincentral.com
